The 'New Economy': Real or High-Tech Bubble? Myths and Realities.

The "New Economy" implies a society in which information/communication technology is changing the nature of the workplace and contributing to more efficient and productive practices geared toward improving the quality of products and services. Recent events such as the collapse of dot.coms and corporate scandals have led some to doubt that the promises were based on anything substantial. Do productivity gains support the promises of the New Economy? Although there are signs of economic recovery, many remain jobless, and some believe that the recent surge in consumer spending is temporary and is not accompanied by steady improvement in the labor market. Are companies positioning themselves for an economic rebound? There is evidence that some companies are changing production practices and work organization, which some believe are signs of the New Economy. Does the New Economy demand a top-notch work force? Efficient and effective use of information technology and the capacity for lifelong learning are characteristics of the kinds of workers many employers now require. Are new technologies creating the most jobs? Some contend that the New Economy is not about job creation, but about the use of enhanced technology to perform work. Finally, the New Economy is characterized by the decentralization of economic power and opportunities. Portfolio careers and career resilience may be hallmarks of the New Economy's work force. (Contains 14 references.) (SK)